This Information is provided for anyone wishing to Buy or Sale Real Estate in Guyana. All Information on this website was obtained from the the following Website.

All Information on this site was obtained from the World Bank Doing Business url below.

http://www.doingbusiness.org/ExploreTopics/RegisteringProperty/Details.aspx?economyid=84

World Bank's/IFC Doing Business website.

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Anyone can buy and sell property in Guyana. You do not have to be a resident of Guyana to deal in Real Estate in Georgetown or any other part of Guyana. Guyana Real Estate Agencies like Guyana Homes Real Estate can help you find a home in Guyana that will suit your needs. The information below is to show you how to Buy Guyana Real Estate and the all of the Legal procedures required to Purchase Properties in Guyana.

Standardized Guyana Property

Property Value: IF GYD 15,264,783
City: Georgetown

Registration Requirements Summary:

 

	Procedure	Time to complete:	Cost to complete:
1	Lawyer executes sale-purchase agreement	1 day	2% property value (1% for seller+1% for buyer)
*2	Obtain a Certificate of Compliance from the Inland Revenue Department	21 days (simultaneous with procedure 3)	no cost
*3	Obtain a Certificate of Rates and Taxes from the relevant local tax authority	2 days (simultaneous with procedure 2)	GYD 200 - 500 Approx. $1.00 U.S. to $2.50 U.S.
4	Obtain official valuation on the property	2 - 7 days	GYD 5000 Approx. $25.00 U.S.
5	Lawyer lodges documents with the Registrar of Lands ("Deeds Registry")	3-4 day	2% property value (registration fee) + 0.5% of property value (stamp duty)
6	Search and typing of Certificate of Title	3 weeks	Already paid in Procedure 5

* Takes place simultaneously with another procedure.

Registration Requirement Details

Procedure 1.

Lawyer executes sale-purchase agreement

Time to complete:

1 day

Cost to complete:

2% property value (1% for seller+1% for buyer)

Name of Agency:

Comment:

While not mandatory, it is common practice for a lawyer to advise the parties on the transfer process, in addition to drafting and executing the sale-purchase agreement. The law states a fee of 0.8% for both parties but in practice lawyers round it up to 1% and most of them charge 1% to each of the two parties.

Procedure 2.

Obtain a Certificate of Compliance from the Inland Revenue Department

Time to complete:

21 days (simultaneous with procedure 3)

Cost to complete:

no cost

Name of Agency:

Internal Revenue Department of the Guyana Revenue Authority

Comment:

A Certificate of Compliance is obtained at the Inland Revenue Department certifying that all taxes in relation to the parties have been paid, or that they pay any outstanding taxes at that time. In case any capital gains arise, a 20% tax on capital gains will be applied to the transaction.

Procedure 3.

Obtain a Certificate of Rates and Taxes from the relevant local tax authority

Time to complete:

2 days (simultaneous with procedure 2)

Cost to complete:

GYD 200 - 500

Name of Agency:

Local Tax Authority - City council

Comment:

A Certificate of Rates and Taxes is obtained from the relevant local tax authority certifying that all rates and taxes in relation to the property have been paid in full. The certificate is vital in order to register.

Procedure 4.

Obtain official valuation on the Guyana property

Time to complete:

2 - 7 days

Cost to complete:

GYD 5000

Name of Agency:

Comment:

Parties call the official state valuator's office to make an appointment. The valuator comes either the same day or the following day to make an assessment and presents the parties with a document attesting to the amount. It is important to note that the valuation may be completed by the state valuation office or by a private valuator (in which case the cost would be higher). Although there is no official cost attached to the valuation by a state valuation officer, it will be necessary to pay the officer transportation fees - 5,000 GYD.

Procedure 5.

Lawyer lodges documents with the Registrar of Lands ("Deeds Registry")

Time to complete:

3-4 day

Cost to complete:

2% property value (registration fee) + 0.5% of property value (stamp duty)

Name of Agency:

Registrar of Lands (Deeds Registry)

Comment:

The required documentation is lodged with the Registrar of Lands. Taxes and registration fees are calculated. Lodging the documents with the registry takes one day but the time the lawyer needs to prepare these documents brings it up to 3-4 days. The documentation shall include: (1) instructions to advertise signed by an attorney (2) Affidavit of the vendor� in which vendor confirms his ownership and that he sold the land for this amount. This is signed and sworn before the Commission of Oaths, (3) Affidavit of the purchaser� in which purchaser confirms he bought the land for this amount. This is also signed and sworn before the Commission of Oaths, (4) Compliance document from the Inland Revenue Authority, (5) "Rates and Taxes Certificate", which is the certificate of compliance with local taxes, (6) valuation of the land.

Procedure 6.

Search and typing of Certificate of Title

Time to complete:

3 weeks

Cost to complete:

Already paid in Procedure 5

Name of Agency:

Registrar of Lands (Deeds Registry) Guyana

Comment:

After payment of taxes and fees, the deeds Registrar will conduct a search on the property to see if there are any more mortgages, charges, etc., on the property. Even though the property is considered transferred at this stage, there is a requirement to publish the certificate in the Official Gazette on Saturday. 2 weeks later, if no opposition, the deeds Registry certifies and issues the title to the new owner. This timeline makes the total time needed as 3 weeks in Georgetown to complete this procedure.